Hearable Devices Market worth 23.24 Billion USD by 2023

According to the new research report "Hearable Devices Market by Product ((Headset (Traditional Headset, Earbuds), Headphone, and Hearing Aids (Smart, Regular)), Technology (Bluetooth, Wi-Fi), Application (Consumer, Healthcare), and Geography - Global Forecast to 2023", the hearable devices market is expected to be worth USD 23.24 Billion by 2023, at a CAGR of 9.98% between 2017 and 2023. The growth of this market is mainly driven by the growing demand for smartphones as a source of entertainment; consumer preference for wearable and portable devices; increasing demand for health monitoring applications and hearing aids; and high investment in R&D for hearables by OEMs.

The huge market of hearing aids is accounted because of the increasing number of the hearing-impaired population across the globe. According to World Health Organization (Switzerland), more than 5 % of world’s population suffers from hearing loss. Companies in the market have a strong distribution network to ensure the customized hearing aid devices. These hearable devices also help manage particular health conditions and disease states. Also, an increasing number of advanced clinics and recommendations from audiologist have given boosted the adoption of hearing aids among the consumers.

Market for digital hearing aids is expected to grow at the highest rate during the forecast period

Digitally programmable hearing aids possess all the features of analog aids, but they use digitized sound processing. They are usually self-adjusting and offer greater precision for speech recognition and noise reduction. Digital hearing aids allow the use of the latest wireless connecting technologies such as Bluetooth and others.

The Americas accounted for the largest share of the hearable devices market in 2016

The market in the Americas is likely to be fueled by the increase in sale and distribution of hearing aids. The growing population of music listeners, increasing digital music sales, and the popularity of audio and video entertainment segment are expected to influence the regional market positively over the next decade. Technological improvements are mainly driving the hearable devices market in the Americas.

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